Jerome Powell · Federal Reserve (FED) · Kevin Warsh · Wall Street · US Senate · Crypto Briefing
Powell gets temporary Fed chair role as Senate-confirmed Warsh gears up to take
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Fed officials Michelle Bowman and Stephen Miran voiced support for the decision, while criticizing the open-ended nature of the arrangement.
Key facts
- Warsh was confirmed by the Senate on May 13 in a 54-45 vote, mostly along party lines, leaving him with little bipartisan backing as he prepares to lead the Fed
- The Federal Reserve has extended Jerome Powell’s tenure on an interim basis as the central bank prepares for a leadership transition to Kevin Warsh
- Fed officials Michelle Bowman and Stephen Miran voiced support for the decision, while criticizing the open-ended nature of the arrangement
- Vice Chair for Supervision Michelle Bowman and Governor Stephen Miran said they backed the idea of Powell serving temporarily as Fed chair pending Warsh’s swearing-in, but objected to the absence
Summary
The Federal Reserve has extended Jerome Powell’s tenure on an interim basis as the central bank prepares for a leadership transition to Kevin Warsh. The Fed Board on Friday appointed Powell chair pro tempore, a placeholder role he will hold until Warsh is officially sworn in. Warsh is a former Fed governor and longtime Wall Street banker with ties to digital asset investing. Vice Chair for Supervision Michelle Bowman and Governor Stephen Miran said they backed the idea of Powell serving temporarily as Fed chair pending Warsh’s swearing-in, but objected to the absence of a clear time restriction on the arrangement.